Attachment and proclamation of sale of immovable property: limitation treated from financial year end; proclamation held within period, petition dismi...
Second Schedule attachment and validity of a post-notice mortgage: TRO cannot declare mortgage void ab initio; sale and appropriation allowed thereaft...
Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Issuance of a reassessment notice under the new regime required compliance with the sanction structure in section 151, and where more than three years had elapsed from the end of the relevant assessment year, prior approval had to be obtained from the Principal Chief Commissioner or equivalent authority under section 151(ii). Because the notice for AY 2016-17 was approved by the Pr. CIT instead of the specified authority, the approval was held jurisdictionally defective. The Tribunal treated proper sanction as a mandatory pre-condition, quashed the section 148 notice, and held that the consequential reassessment under section 147 could not survive; the merits were left academic.
Issuance of a reassessment notice under the new regime required compliance with the sanction structure in section 151, and where more than three years had elapsed from the end of the relevant assessment year, prior approval had to be obtained from the Principal Chief Commissioner or equivalent authority under section 151(ii). Because the notice for AY 2016-17 was approved by the Pr. CIT instead of the specified authority, the approval was held jurisdictionally defective. The Tribunal treated proper sanction as a mandatory pre-condition, quashed the section 148 notice, and held that the consequential reassessment under section 147 could not survive; the merits were left academic.
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